At a glance
- Base earnings rose 10% from the second quarter of 2026, with Workplace Solutions up 15% year over year and Personal Wealth up 28%, 401(k) Specialist reported.
- Rollovers from Empower-administered plans are flowing into its own advisory business, putting the firm in direct competition with independent advisers for those retirement balances.
- Empower also closed its acquisition of the Milliman business during the quarter.
Empower reported third-quarter 2026 after-tax earnings of $364 million, up 15% from a year earlier, the Denver recordkeeper said Nov. 5.
Base earnings rose 10% from the second quarter of 2026, with Workplace Solutions up 15% year over year and Personal Wealth up 28%, 401(k) Specialist reported. Assets under administration reached $2.3 trillion, and Empower said it serves more than 22 million participants and investors. The company attributed the growth to favorable equity markets, improving wealth management net flows and operating leverage.
Rollovers from Empower-administered plans are flowing into its own advisory business, putting the firm in direct competition with independent advisers for those retirement balances. Empower Personal Wealth took in $2.5 billion of net inflows during the quarter, which the company said was supported by improved rollover activity after it completed several business transformation initiatives.
Empower also closed its acquisition of the Milliman business during the quarter. Parent Great West said retirement and wealth together represent more than half of base earnings and that client assets in both businesses grew 16% on average year over year.
Empower's Q3 earnings rose 15% to $364 million
Third-quarter 2026 results; the earnings change is year over year
Reported by the Plans & Sponsors desk from 401(k) Specialist. Published . Corrections